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Banks to offer insurance cover for educational loans

Banks like Andhra Bank and State Bank of Hyderabad will now offer educational loan products with insurance cover to make them more attractive for the customers and safer for themselves.

Apnaloan.com Research Bureau

22 Aug 2007

Banks like Andhra Bank and State Bank of Hyderabad
will now offer educational loan products with insurance cover to make them more
attractive for the customers and safer for themselves.

The educational loans re-payment schedule may
stretch up to nine years and the liability insurance shields the risk. In the
event of any tragedy (death or incapacity), the loan repayment will be taken
care of by the insurer.

Reports in Hindu Businessline say that Andhra
Bank's educational loan portfolio had grown by 34.7 per cent to Rs 953
crore in the first quarter of 2007 compared to Rs 707 crore in the same period
in 2006. The bank has a tie-up with Life Insurance Corporation for the
purpose.

Though dependent on the loan amount and repayment
schedule, the average premium amount works out to a little over Rs 1,000 per
lakh per annum.